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ASX-listed Nearmap is immediately value $1 billion once more due to a US takeover bid

Mapping software program firm has seen its shares pop by a 3rd on Monday after revealing that it had been in takeover talks with US non-public fairness firm Thoma Bravo.

The takeover value of $2.10 money per share values the enterprise at round $1.055 billion and is an 83% premium to Nearmap’s closing value of $1.15 on July 5, the day earlier than the takeover proposal was lodged; and a 39% premium on Friday’s closing value of $1.51.

It’s additionally a 67% premium to Nearmap’s 6-month quantity weighted common value of $1.26. Nearmap (ASX: NEA) final traded above $2 in November 2021.

Nearmap shares jumped 33% at the moment after the bid was introduced to the market, earlier than closing up 25% at $1.88 – a market cap of round $755 million.

The takeover bid nonetheless sits at round half the worth of the 24-year-old firm’s shares at their peak in June 2019.

Thoma Bravo invests in tech and software program corporations and has greater than US$114 billion in belongings below administration, having acquired 380 companies  value a mixed US$190 billion during the last 20 years.

In its assertion to the ASX, Nearmap stated Thoma Bravo’s due diligence is now at a complicated stage and encompasses all monetary and different valuation-critical due diligence and the corporate has has granted exclusivity to Thoma Bravo for 7 days commencing from at the moment, because the work by means of the numbers.

As a part of the deal, Nearmap has agreed to pay Thoma Bravo an expense reimbursement payment of as much as US$3 million if the deal doesn’t undergo or the ASX-listed firm agrees to a rival takeover bid inside six months.

Nearmap additionally provided an replace on its monetary efficiency to June 30, forward of asserting its annual outcomes this Wednesday, August 17.

The group’s annual contract worth (ACV) is anticipated to be A$159.9 million at fixed forex phrases, inside its preliminary FY22 steering of $150-$160 million and up from $128.2 million in FY21.

Its money steadiness anticipated to be $93.7 million, following utilisation of roughly $20 million of capital elevate proceeds throughout FY22 (excluding litigation) to assist the expansion of the enterprise (in comparison with preliminary steering of roughly $30 million).



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